In 1985 United Nations adopted the UN Guidelines for Consumer Protection.This was a tool for nations to adopt measures to protect consumers and for consumer advocacy groups to press their…
A MNC is a company that owns or controls production in more than one nation.MNC is not only selling its finished products globally, but more important, the goods and services…
When both parties agree to sell and buy each other’s commodities. It is known as double coincidence of wants. It is a matter where a person desires to sell is exactly…
Primary sector- The cultivation of cotton Takes place within a crop season, we depend mainly on natural factors like rainfall, sunshine and climate.an activity like dairy, we are dependent on the…
For comparing countries, their income is considered to be one of the most important attributesAverage income- the total income of the country divided by its total population.The average income is…
An open economy is one that trades with other nations in goods and services and, most often, also in financial assets. Indians, for instance, enjoy using products produced around the…
COMPONENTS OF THE GOVERNMENT BUDGET There is a constitutional requirement in India (Article 112) to present before the Parliament a statement of estimated receipts and expenditures of the government in…
The basic objective of macroeconomics is to develop theoretical tools, called models, capable of describing the processes which determine the values of these variables. Specifically, the models attempt to provide…
Introduction: commonly accepted medium of exchange. Economic exchanges without the mediation of money are referred to as barter exchanges. However, they presume the rather improbable double coincidence of wants. To…
SOME BASIC CONCEPTS OF MACROECONOMICS The economic wealth, or well-being, of a country thus does not necessarily depend on the mere possession of resources; the point is how these resources…
EMERGENCE OF MACROECONOMICS Macroeconomics, as a separate branch of economics, emerged after the British Economist John Maynard Keynes published his celebrated book The General Theory of Employment, Interest and Money…
Nations have been primarily trying to adopt various means which will strengthen their own domestic economies. To this effect, they are forming regional and global economic groupings such as the…
ENVIRONMENT — DEFINITION AND FUNCTIONS Environment is defined as the total planetary inheritance and the totality of all resources. It includes all the bioticand abiotic factors that influence each other. …
WHAT IS INFRASTRUCTURE provides supporting services in the main areas of industrial and agricultural production, domestic and foreign trade and commerce. services include roads, railways, ports, airports, dams, power stations,…
What is employment? Who is a worker? When a farmer works on fields, he or she produces food grains and raw materials for industries. We know that the total money…
WHAT IS RURAL DEVELOPMENT? Rural development is a comprehensive term. It essentially focuses on action for the development of areas that are lagging behind in the overall development of the…
WHAT IS HUMAN CAPITAL? Just as a country can turn physical resources like land into physical capital like factories, similarly, it can also turn human resources like students into human…
WHO ARE THE POOR? The poor people possess few assets and reside in kutcha hutments with walls made of baked mud and roofs made of grass, thatch, bamboo and wood.…
In 1991, India met with an economic crisis relating to its external debt — the government was not able to make repayments on its borrowings from abroad; foreign exchange reserves,…
INTRODUCTION The leaders of independent India had to decide, among other things, the type of economic system most suitable for our nation, a system which would promote the welfare of…